Erratic day ends 2nd quarter

The erratic day capped a strong second quarter for Wall Street, which pushed the Dow Jones industrial average up more than 1,000 points over the last three months.

The stock market initially rose Friday, encouraged by Commerce Department data that fit well with the Federal Reserve’s assessment Thursday that the economy appears to be growing moderately and that inflation, while still a concern, seems to be easing.

Friday’s reports said May construction spending rose by the largest amount in nearly 1-1/2 years and consumer spending increased for the second month in a row. The data also indicated that “core” prices, which strip out food and energy, moderated to 1.9 percent over the last 12 months.